Not all pensions are the same. Here’s a quick guide to the main types you might come across, and which ones can be transferred into Penny.
Pension Type | Can it be transferred to Penny? |
Workplace pensions 🧑🏭 | Yes – most workplace pensions can be transferred, as long as they’re defined contribution. ✅ |
Defined Contribution (DC) pensions 📈 | Yes – DC pensions can be transferred. ✅ |
Personal pensions 🙋🏼♂️ | Yes – most personal pensions can be transferred. We may need to check who the provider is before we can request information. ✅ |
SIPPs (Self-Invested Personal Pensions) 👔 | Yes – but only if it’s invested in mainstream funds. Penny doesn’t support complex or non-standard investments. ✅ |
Stakeholder pensions 🥩 | Yes – these can usually be transferred. ✅ |
Defined Benefit (DB) pensions ⚓️ | No – Penny doesn’t accept DB pensions. Transferring out usually requires regulated financial advice. ❌ |
Public sector pensions 👩🏽⚕️ | No – public sector pensions cannot be transferred to Penny. ❌ |
State Pension 🏛️ | No – the State Pension can’t be transferred. ❌ |
Summary
You can transfer most DC pensions, workplace pensions, personal pensions, SIPPs (with standard investments), and stakeholder pensions into Penny. ✅
You cannot transfer DB pensions, public sector pensions, or the State Pension into Penny. ❌